The slogan of 21st century is that "Data is new Oil" . Data is necessary for every individual or comany to survive and grow in this century. problem is that there is an enormous amount of real-world data all around us that can not be captured and turned into a real-time API. There are enormous amount of data which can help us in our daily routine works to take decisions like- shopping for a new pair of jeans, taking a selfie at a concert, reading the latest news online, watching a football game from our couch.
Another issue is that the data that is available through data feeds is often unreliable and unverified, because it relies on a single data source susceptible to a high rate of errors and failures. Moreover, all existing real-world data APIs are tightly controlled by a single company, which has complete control over the data and the prices. This means significant margins are included in the prices and the safety and integrity of data cannot be guaranteed.
Eventum
Eventum is a decentralized platform where the truth is sourced from the crowd and then automatically turned into a real-time API. Reporters get paid for what they see and experience, while developers get any data they want more cheaply and reliably. This is a win- win situation for all involved.
Wisdom of crowds principle is used to determine the truth from multiple data sources (i.e. people reporting the data) instead of a single data source, which removes bias and single point of failure. This process is done in real-time by a decentralized network of reporting and validation nodes in the Eventum system.
Eventum's system is a bridge between data providers and developers. Data providers have access to data that is valuable, which they then report via a mobile/desktop app to the validation nodes in the Eventum system. Validation nodes then wait for a consensus to be reached (i.e. multiple data providers send the same information) and then send this data to the developer in the form of a real-time API. The developer locks a reward in a smart contract, which is then split and given to data providers that were part of the consensus. The reward is split proportionally to the speed at which the data was provided, so the real-time nature of the API is incentivized.
Eventum system will be based on the nodes. there will be two types of node. one - data provider and second- validation nodes. Validation nodes represent the core part of the decentralized Eventum network and are responsible for capturing the data, building the consensus and delivering the data to developers. Data reporting nodes have a limited amount of blockchain communication and unidirectional communication to validation nodes. They are only responsible for providing the data to the system.
Reward Mechanism
Reward is locked in the smart contract when the market is created, together with the data feed parameters and consensus rules. The amount of the reward could be of any size but only competitive offers will get picked on the free market which is governed only by the supply and demand. Because figuring out which price is right is hard, Eventum automatically calculates the optimal price for the market from the data feed parameters, consensus rules and current prices in the system. This estimate can be re-adjusted to enter the ecosystem with more (or less) aggressive pricing.
Staking
Providers can be free to join any market, they can be required to have a certain level of reputation score, they can be forced to stake a fixed amount of tokens or a hybrid approach can be used, where staking is only necessary when reputation score falls below the threshold. Same mechanics can be used to limit voting itself. In both cases, if data providers act maliciously or vote differently than a majority, their stakes go to the reward pool.
Token
EVT tokens are the mainstream of eventum network. Validation nodes earn fees for correctly capturing, processing and delivering data in Eventum tokens (EVT). Tokens are also used in staking mechanism, reputation system, disputes and governance. EVT is an essential part of the platform, and it fuels the most critical parts of the system.
All EVT tokens will be minted and distributed in the token generation event (TGE), and their total supply can never
change.
While the fees are primarily paid in EVT, it is possible to use other ERC-20 tokens. To incentivise the use of our token and ensure that validation nodes are still consistently paid in EVT, all other ERC-20 tokens will be automatically exchanged to EVT on decentralized exchanges. Additionally, paying fees with other ERC-20 tokens will increase the fee for N% (N never being under 1%). N is calculated based on how many developers decide to use other ERC-20 tokens to pay the fees, rising when the ratio goes up and falling when it goes down. This mechanic keeps the token viable and usable while at the same time letting developers use other tokens if they choose to. The difference between other ERC-20 token and EVT payments is sent to the “reward pool”.
Review
I am highly positive about this project, why, because:
They are not interested in raising more and more capital unlike other ICOs. This is evident from the fact that they have earlier cancelled their public sale because they were able to raise enough from their private sales only.
They have raised significant amount which is multiple times over their soft cap.
They have a alpha version already out. Which they have used to distribute some EVT tokens based on some events and used the feedback as to improve the product.
The interest in their project is immense which can be seen with the number of registrations on their platform which is more than 100000.
They are trying to solve a very basic problem of the industry and they will be relevant with the coming age.
Website: https://eventum.network/
whitepaper- https://eventum.network/Eventum-whitepaper.pdf
Twitter -https://twitter.com/eventum_network
Telegram- https://t.me/eventum_network
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